Sable Offshore (NYSE:SOC) Now Covered by Analysts at Stifel Nicolaus

Stock analysts at Stifel Nicolaus initiated coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued on Thursday. The firm set a “buy” rating and a $8.00 price target on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 60.93% from the company’s current price.

A number of other research analysts also recently issued reports on SOC. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Roth Capital reiterated a “buy” rating and issued a $11.00 target price on shares of Sable Offshore in a research note on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Finally, Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $12.00.

Sable Offshore Stock Performance

Shares of NYSE SOC traded up $0.05 during trading on Thursday, reaching $4.97. 505,886 shares of the company traded hands, compared to its average volume of 7,616,430. The firm’s fifty day simple moving average is $4.51 and its 200 day simple moving average is $10.03. The stock has a market cap of $953.79 million, a P/E ratio of -1.51 and a beta of -0.16. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $24.96. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.79). The firm had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million. As a group, research analysts anticipate that Sable Offshore will post -2.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC raised its holdings in shares of Sable Offshore by 543.4% during the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock valued at $46,000 after acquiring an additional 12,503 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Sable Offshore by 15,098,500.0% in the second quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock worth $465,000 after acquiring an additional 150,985 shares during the last quarter. Mraz Amerine & Associates Inc. boosted its stake in shares of Sable Offshore by 30.3% in the second quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock worth $55,000 after acquiring an additional 4,125 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Sable Offshore by 242.0% during the second quarter. California State Teachers Retirement System now owns 326,283 shares of the company’s stock worth $1,005,000 after purchasing an additional 230,884 shares in the last quarter. Finally, Odyssean LLC purchased a new stake in shares of Sable Offshore during the second quarter worth approximately $187,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.